China's Shagang Steel slashes scrap purchase price again by RMB 100/t ($16)
China's largest EAF steelmaker Shagang Jiangsu Steel has decreased domestic scrap purchase price by another RMB 100/t ($16/t) for all grades today for the second day in a row. The company has cut its price for the fourth time this week. The current price indication for HMS (6-10 mm) stands at RMB 3,860/t ($600), inclusive of 13% VAT, delivered to headquarters. Lower bids for raw materials due to weakening steel prices and falling local billet prices have resulted in a continuous drop in scrap prices. SteelMint notes.